Shanghai Automotive Industry Corp (SAIC), one of China’s largest automakers, announced plans to build a new production plant in Shanghai’s suburban Nanhui District. The plant will be able to produce some 300,000 vehicles every year, generating an annual output value of RMB 60 billion (US$7.2 billion) when it is completed. Total investment in the project is about RMB 10 billion (US$1.2 billion).
SAIC’s most lucrative vehicles are produced in ventures with General Motors and Volkswagen. The company expected to have boosted production in those ventures to 580,000 by the end of 2003, up from 410,000 in 2002.